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ELGA CREDIT UNION

Dec, 31, 2023 — ELGA CREDIT UNION is a federally insured state chartered credit union headquartered in GRAND BLANC, MI with 14 branch locations and about $1.50 billion in total assets. Opened 56 years ago in 1968, ELGA CREDIT UNION has about 95,703 members and employs 291 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 272479935
Name:ELGA CREDIT UNION
Address:
(Main Office)
6065 Grand Pointe Blvd
GRAND BLANC, MI 48439
Phone:(810) 715-3542
Fax:
Website:https://www.elgacu.com
Branches:14 branch locations
Members:95,703
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:61797
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1968
Last Audited:Dec 01, 2022
FHLB Member:Yes
Low Income Designation:No
Assets:$1,499,431,607
CEO/Manager:Terry J Katzur
Chairperson:Harold Mott

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Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 72,845,543
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 371,144,141
 Unsecured Loans 118,341,261
 Other Loans 735,509,075
 TOTAL LOANS 1,224,994,477
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -16,806,741
 Land And Building 28,479,064
 Other Fixed Assets 3,573,758
 NCUSIF Deposit 9,286,877
 All Other Assets 400,842
  TOTAL ASSETS 1,499,431,607
LIABILITIES & CAPITAL:  
 Dividends Payable 45
 Notes & Interest Payable 34,030,465
 Accounts Payable & Other Liabilities 14,948,269
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 173,000,000
 Share Drafts 313,666,650
 Regular shares 206,317,077
 All Other Shares & Deposits 569,640,265
  TOTAL SHARES & DEPOSITS 1,089,623,992
  TOTAL LIABILITIES 1,311,602,771
 Regular Reserve 0
 Other Reserves -14,087,022
 Undivided Earnings 201,915,858
  TOTAL EQUITY 187,828,836
  TOTAL LIABILITIES, SHARES, & EQUITY 1,499,431,607
INCOME & EXPENSE  
 Loan Income 70,321,988
 Investment Income 5,547,299
 Other Income 15,208,106
 Total Employee Compensation & Benefits 24,978,003
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 26,295,398
 Non-operating Income & (Expense) 193,181
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 15,609,056
 Cost of Funds 14,363,858
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 27,892,920
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